A coin mechanism for a bulk vendor or the like is provided with a magnetic discriminating device, for selectively accepting coins having a magnetic component and rejecting coins or slugs which have no magnetic component. A magnet is lodged in the coin conveyor flush with the seating surface for a coin, and a resilient urging member such as a spring projects above the seating surface. The attractive force of the magnet on a coin having a magnetic component is greater than the repelling force of the spring, so a coin having a magnetic component is retained in the coin carrier while a coin or slug having no magnetic component is unseated by the spring and ejected into a coin rejection chute.